Canada corporate bank account
Healy Consultants Group PLC assists our Clients interested in Canada company setup by efficiently opening a corporate bank account in Canada for non-residents without requiring them to travel. Our experienced banking team prepares all the required supporting documentation and submits a quality corporate bank account opening package to our Client’s preferred Canadian or international bank.
To optimize the engagement timelines, our banking team will also attend the bank interview on our Client’s behalf. Four weeks following the engagement commencement, we will provide a corporate bank account number and activate internet banking facility on behalf of our Client.
Canada corporate banking options
- Canadian banks offer high quality customer service, excellent internet banking and multi-currency corporate bank accounts. Thanks to the excellent oversight of the Canadian Central Bank, they have been rated as the soundest in the world in the 2016 rankings of the World Economic Forum;
- We recommend our foreign Clients to open their business bank account in Canada with a bank with which they already have a bank account in another country, as this will: i) reduce time required to open the account; ii) reduce the bank’s requirements for our Client’s security check; and iii) allow our Client to enjoy the reduced/waived international transfer fees;
- Amongst the international banks present in Canada, we recommend: i) Citibank; ii) Barclays; and iii) HSBC as our Clients in Canada and elsewhere in the world have expressed their satisfaction with the services offered by these major banks in Canada;
- Alternatively, there are many local Canadian banks that offer superb banking facilities, including i) Scotia bank; and ii) Royal Bank of Canada. View this full list of local and international banks operating in Canada;
- Canadian banks are supportive of start-ups and they loan funds to finance investment projects in Canada, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include i) a well-prepared business-plan inclusive of a feasibility study; ii) availability of collateral assets; iii) qualifications of business owners and management; iv) last 3 years audited financial statements; and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix).
Steps required to open a Canadian corporate bank account
- Firstly, Healy Consultants Group PLC and our Client will decide and agree the optimal financial institution available in Canada, either a local bank or international bank with a reputable branch in Canada. Then Healy Consultants Group PLC will secure timely confirmation of interest;
- Once the new Canadian company is incorporated, Healy Consultants Group PLC will prepare a detailed business plan and start communicating with the preferred Canadian bank;
- Where applicable, Healy Consultants Group PLC will i) attend Skype interviews representing the Client; ii) sign off banking documentation via Power of Attorney; or iii) certify and translate corporate due diligence;
- Following corporate bank account activation, Healy Consultants Group PLC will timely organize issuance of online banking log-in details and token device release.
Exchange controls and other regulations
- Canada has revoked all foreign exchange controls. Accordingly, there are no such restrictions on the transfer of capital, profits, dividends, royalties or interest into, or from the country;
- However, international funds transfers over US$10,000 are monitored by the Central Bank and FATCA. The due diligence checks are strictly implemented in Canada;
- Healy Consultants Group PLC assists our Clients with obtaining corporate finance in Canada in the form of a loan, overdraft or simply preferential credit terms;
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finance services including i) bank guarantees; ii) letters of credit; iii) finance against trust receipt (for imported goods); and iv) document against payment and against acceptance.